Indonesia, which on August 17th celebrated 72 years of independence, is recognised as one of the world’s major emerging markets. GDP per capita rose from $857 in 2000 to $3,603 in 2016, and the proportion of middle-class and affluent consumers will double to 141 million by 2020.

A longstanding leader within the ASEAN community, the country sees itself in the future as a world-leader with a developed infrastructure and a sustainable, modernised economy.

State-owned enterprises (SOEs) like PT PP, under the encouragement of the present government, have proven themselves key in achieving this infrastructure development, but assistance from the private sector in specialised areas has been essential.

Heri Susanto, President Director of specialist construction company L&M Systems, expects to see more than 20% growth for his company and welcomes present government measures:

“I am glad that our president has returned us to the path of growth. His and especially Finance Minister Sri Mulyani’s plans are suitable for Indonesia, which at the end of the day is still a developing country.”

In the financial sector Elin Waty, President Director of Sun Life Financial Indonesia, is equally supportive of President Widodo’s initiatives: “The current administration knows what to do. They focus on infrastructure, which is the most pressing concern, and the investment grade rating is positive. The government is approachable, they take our suggestions into account, and that is what I call good governance.”

Sun Life Indonesia has itself demonstrated a commitment to achieving a better Indonesia, having continuously cooperated with other institutions to fund financial literacy programmes across the country in recent years.

Financial institutions, particularly Indonesian banks, have also been instrumental in developing infrastructure. Bank BJB, a state bank whose shareholders are the governments of West Java and Banten, has an important role in investment. Now the largest in the region, it hopes to become one of the top ten banks in Indonesia, and, according to President Director Ahmad Irfan, it will next play a part in the BIJB project to develop a new international airport in West Java.

Irfan seems to see this kind of investment as the bank’s duty: “We have a mission as the regional champion to improve the economy of West Java and Banten.” This said, Indonesia is said to need around $400 billion in infrastructure investment, and local banks like BJB can only be expected to shoulder perhaps 10% of this.

In achieving all it wants, then, Indonesia will need to open itself up to international investment. This has clearly been recognised: the country jumped 15 places to 91st position in the World Bank’s Ease of Doing Business Index this year, with improved access to electricity, reduced red tape, and an increase in cross-border trade cited as important drivers for the upgrade.

This will no doubt spur international investors to consider Indonesia a potential investment location. Even more encouraging is Standard & Poor’s decision to upgrade the country in May, making it the first time since the Asian financial crisis of 1997 that every major ratings agency has given Indonesia the investment grade.

These successes testify to Indonesia’s commitment to reaching its ambitious target of becoming the world’s 5th-largest economy by 2030.